Tapping Apple With Four Cheaper Stocks

CUPERTINO, Calif. (TheStreet) -- Apple(AAPL) is on a tear as its stock price has reached multiple new highs over the past week. While it might make sense to buy Apple in anticipation of a peak on the iPad's April 3 launch date, Apple's current price of about $224 isn't exactly cheap.

There are, however, a handful of tech stocks that allow investors to take a bite out of Apple and its phenomenal swell on the cheap. While most of Apple's future-facing products and suppliers are still shrouded in mystery -- Apple didn't respond to TheStreet's request for comment on this story -- investors are likely to see Apple-related upside in Broadcom(BRCM), AT&T(T), SanDisk(SNDK), and OmniVision(OVTI).

Alternatively, investors that want to play Apple in the market but avoid the risks associated with one specific stock might want to consider an ETF with a position in Apple. Apple accounts for just over 15% of the PowerShares QQQ Fund(QQQQ), which has risen more than 77% in the last twelve months.

Other funds offer different levels of Apple exposure, from 9% at the iShares Down Jones U.S Technology(IYW) fund to 3.1% at the SPDR Morgan Stanley Technology ETF(MTK).

Analysts also point to telcom-related ETFs like the iShares Dow Jones U.S. Telecom Fund(IYZ), 16.5% of which is made up of AT&T, an Apple iPad partner. TheStreet's Don Dion has already cited IYZ as the best ETF to gain exposure to AT&T and iPad demand.

Read on for more Apple-related buys.

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